My GUESS is producers scale back as they observe demand falling due to acceptance of EVs. You could of course have some outliers who "break the rules" in OPEC+.
The next 20+ years will be interesting in a lot of ways. I know a lot of folks still view "climate change" as a charade, a fake, which is fine, but maybe in time that will shift to "Well, the climate is always changing, nothing man can do about it." (which is also common).